Real Estate

CFRA Maintains Buy Opinion On Shares Of American Tower Corporation

/ / Real Estate /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our target by $3 to $212, using forward EV/EBITDA of 19.0x our 2024 EBITDA estimate, a discount to AMT’s 22.0x 10-year average due to lower capex spend from major telco’s and a more tempered pace of 5G expansion likely moving forward. We raise our 2023 AFFO estimate by $0.01 to $9.76 and keep 2024 at $10.44. AMT posted Q3 2023 AFFO of $2.58 vs. $2.45, a $0.19 consensus beat on revenues that rose 5.5% Y/Y. Revenue growth was supported by strong organic billings growth of 6.3% and operating profit margins that rose to 67.0% vs. 64.0% Y/Y. Within Towers, organic billings were strongest in Africa (+12.8% Y/Y), followed by Europe (+8.2%), APAC (+6.1%), U.S./Canada (+5.3%), and LATAM (+5.2%). Data Centers also continue to benefit from […]

CFRA Maintains Buy Opinion On Shares Of American Tower Corporation Read Post »

CFRA Keeps Hold Opinion On Shares Of Crown Castle Inc.

/ / Real Estate /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our price target by $25 to $87, applying an EV/EBITDA multiple of 14.5x to our 2024 estimate, a discount to CCI’s 10-year average multiple of 21.5x, reflecting a weaker macro outlook, continued Sprint churn, and a pullback in 5G spend from major telcos (i.e., Verizon, AT&T, and T-Mobile). We lower our 2023 adjusted FFO (AFFO) estimate by $0.03 to $7.52 and our 2024 estimate by $0.55 to $6.91. CCI reported Q3 2023 AFFO of $1.77 vs. $1.85, a $0.03 consensus miss on revenues that came in slightly below consensus ($1,667M vs. $1,689M). Site rental revenues rose 1% Y/Y as organic growth remained positive, with Towers +4% Y/Y, Fiber +3% Y/Y, and Small Cells +3% Y/Y. Looking to 2024, we expect Sprint churn and a challenging

CFRA Keeps Hold Opinion On Shares Of Crown Castle Inc. Read Post »

CFRA Keeps Strong Buy Opinion On Shares Of Prologis, Inc.

/ / Real Estate /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Despite earnings beat, we lower our target price by $10 to $131 using a forward P/FFO of 23.0x our 2024 FFO estimate, a premium to peers due to PLD’s above-average growth potential (five-year FFO CAGR of 12% vs. 9% peers) and strong balance sheet. We keep our 2023 FFO estimate at $5.62 and 2024’s at $5.68. PLD reported Q3 2023 FFO of $1.30 vs. $1.73, a $0.05 consensus beat on revenues that came in 2% above consensus. Same-store cash net operating income (SSNOI) growth remained robust at 9.5% Y/Y as industry conditions remain tight despite higher interest rates and continued recessionary fears. Average occupancy remained strong at 97.1%, down 40 bps Q/Q, as cash rental rates rose a company record 54.2%. We continue to forecast exceptional rental

CFRA Keeps Strong Buy Opinion On Shares Of Prologis, Inc. Read Post »

Weyerhaeuser (NYSE:WY) Q2 Adjusted Net Earnings, Sales Fall

/ / Real Estate /

Weyerhaeuser (NYSE:WY) reported Q2 adjusted net earnings  of $0.32 per diluted share, down from $1.06 per share a year earlier. Analysts polled by Capital IQ expected normalized EPS of $0.21. Net sales for the quarter ended June 30 fell to $2 billion from $2.97 billion a year earlier. Analysts’ estimate was $2.02 billion.

Weyerhaeuser (NYSE:WY) Q2 Adjusted Net Earnings, Sales Fall Read Post »

Scroll to Top